Venezuela Expects $76 Billion in Oil Investment Over Five Years

Acting President Delcy Rodriguez announced that Venezuela expects nearly $76 billion in oil investment over the next five years following the signing of 61 agreements. This strategy aims to revive the energy sector of a country that holds the world's largest proven crude oil reserves but has suffered from sanctions and underinvestment.

The investment plan is supported by the administration of US President Donald Trump and includes a specific bilateral accord with the United States to drill 250 rigs across 17 oil fields. Rodriguez described the arrangement as a "win-win partnership" intended to restore production levels.

Recent operational gains are already evident in western Zulia state, where oil production increased from 70,000 to 370,000 barrels per day. The Venezuelan government has set a target of 400,000 barrels per day for the region by the end of the year. These developments follow the January ouster of President Nicolas Maduro.